The dollar's already at its highest level against the yen in seven months, but technical strategists at Bank of America Merrill Lynch warn that USD/JPY is approaching some key resistance levels around 81.88 and 82.67. "Momentum is not confirming this most recent push higher," and yen short positioning in the futures market is approaching bearish extremes, "from which we have seen sizeable turns in trend," they say. USD/JPY last at 81.71, up 0.4% on the day.
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